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Dedution of Interest

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(Querist)
26 February 2009 We are paying Interest on Mumbai Muncipality Cess for 1998-2004 on 24/02/09. whether deduction is available under business income.
For period 2005-2008 Interest has not been paid but it has accrued. Whether deduction will be available on this?

Thanks & Rgards,
Abhishek
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chetan soni

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chetan soni (Expert)
26 February 2009 Interest is allowed as deduction. Even you can make the provision for accured interest payable if you maint. books on mercantile basis.

Only penalty is not allowed as deduction.
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